Some members of the Senate committee were criticized for going too easy on Dimon.

The committee, which includes more outspoken anti-Wall Street members like Barney Frank (D-MA) and Maxine Waters (D-CA), came with some tough questions for the CEO.

Today's hearing featured two panels.

The first panel's witnesses include Thomas Curry, the Comptroller of the Currency, Office of the Comptroller of the Currency; Mary Shapiro, Chairman of the SEC; Gary Gensler, Chairman of the CFTC; Martin Gruenberg, Acting Chairman of the FDIC; and Scott Alvarez, General Counsel, Federal Reserve Board of Governors, according to the committee's website.

Rep. Velasquez asked if there's a penalty for changing value at risk models without reporting it to regulators.

Neugebauer: Did you find the 'Tempest in the teapot' comment interesting?

The regulators were on to JPM by that time... Curry says that they were still figuring out what the trade was and it's impact at that time, and that they didn't have enough knowledge to know how bad it would be.

FRANK: Do you think that the CFTC can do well with $180 million budget?

Frank: There is legislation floating around that would've exempted this trade from regulation in Volcker, do you believe this should be passed?

Dimon: Yes.

Frank: Why would we want to

DImon: 60% of these trades were cleared and fully collateralized.

Frank: If they were they would've met the rule... but you are in favor of exempting these trades from American regulation? Once agains I'm disappointed. You saty you have a fortress balance sheet your bank is fine... but what about others?

Dimon: I dont' know but you should all take comfort in the fact that American banks are far more capitalized...

Frank: That's not the question... You say you have a fortress balance sheet... like there's something special about your bank...

Dimon: (Interrupts)

Frank: That's not the question Mr. Dimon please don't philibuster... What about clawbacks.

Maxine Waters is up, here were go!

Waters: I'm afraid we don't have your support on Dodd-Frank

WATERS: You called the Volcker rule unnecessary...and at the same time conceded that it also may have stopped your losses in the CIO...'Did the $30 billion drop in share value effect shareholders in the US?"

Dimon: Yes it did

Waters: But you have lobbied for the foreign markets to be exempt if this impacts your shareholders here why would you do that?

Dimon: We're concerned about overseas competition. That's why we're concerned about extraterritoriality. Our clients will go elsewhere if we can't give them the best deal.

Waters: So you take the position...and continue to lobby even though it harms shareholders here?

DIMON: 'The real losses started in late April, at that point brought in some top experts and we realized we had a severe problem.'

Dimon on the Volcker Rule...

Dimon said the so-called Volcker Rule allows for portfolio hedging and that's what JPMorgan did. However, he said what it morphed into is something he "could not defend" adding that if the Volcker Rule could have stopped it that would not have bothered him.